Gain and retain customers with a new standard for homeownership

Blend commissioned Aite Group to survey over 2,000 American consumers. The goal: identify consumer pain points in the homeownership journey and explore lender-facilitated solutions. Inside this report, you’ll find key insights and strategic recommendations for how lenders can benefit from powering a new, consumer-centric standard for homeownership.

Download this report and leverage new data to build the modern homeownership journey consumers really want.

A few years ago, many financial institutions were ahead of the game by merely offering a digital application on their website. Those days are long gone. The digital application is one stepping stone within the larger customer experience journey, but it is a momentous opportunity for lenders. This touchpoint allows organizations to impress borrowers and build trust from the start.

Barry May, Head of Customer Success

The argument for a consumer-centered homeownership experience

Here’s one thing that’s abundantly clear: consumers want an easier, less stressful, and less expensive way to purchase homes. And now, lenders have an opportunity to add value to the homeownership journey by bringing integrated activities and increased operational efficiencies into an end-to-end experience. The first step? Understanding what consumers really want and identifying opportunities to deliver precisely that throughout the homeownership journey.


The homeownership journey shouldn’t be stressful (for anyone)

Today’s consumers have voiced demands for a new and improved homeownership journey that coordinates activities, saves money, and reduces stress. In fact, 33% of survey respondents said reduced stress would be the main reason to use a lender-facilitated service. Lenders who listen and deliver an experience centered around the consumer — an end-to-end homeownership journey — are likely to earn the loyalty that comes from an eased process and less stressful experience.


Consumer education is the new origination optimization

Continued optimization of the origination process — supported by the right technology — helps provide a better experience and greater back-office efficiencies. In this survey, 78% of surveyed consumers said they would be interested in using a lender service if it provided education about the homeownership process, including cost of ownership, financing, and the closing process. Removing friction along the homeownership journey, educating the consumer, offering guidance, and coordinating all or many of the homebuying activities are all ways that lenders can deliver exceptional service.


Cost clarity from a trusted lender can offset rate sensitivity

57% of respondents found it challenging to understand all the potential cost components of homeownership. This widespread lack of knowledge — especially among first-time homebuyers — is an opportunity for lenders to proactively educate, gain trust, earn referrals, help reduce the borrower’s overall cost, and perhaps offset interest rate sensitivity.


Consumers want a guided, “one-stop shop” homeownership service

Consumer expectations are often set by companies outside of financial services with smooth and streamlined end-to-end digital experiences. Nearly all respondents (89%) expressed interest in using a homeownership service offered by a lender if it coordinated all of the activities associated with buying a home. Guiding the consumer through the homeownership process is a tremendous opportunity for lenders.

The opportunity is now — deliver the homeownership journey consumers are asking for.

Today, many lenders are passed by when their customers are looking to purchase or refinance a home. Approaching this challenge from a consumer-centric perspective presents a number of opportunities for lenders to create stickiness with customers and enhance the homebuying experience for all parties. Download Reframing the Homeownership Journey: Consumer-Focused, Lender-Led to dive into key consumer survey takeaways and learn how your peers are working to power an improved homeownership journey that’s driven by the lender and built with the consumer at the center.

Download the report